FY2020 Financial Results Ended March, 2021

TSE:9531

FY2020 Financial Results ended March, 2021

April 28, 2021 01

FY2020 Consolidated Financial Results ended March, 2021

Highlights: Sales Down, Profit Up (+/- indicate impact on profit, billion yen)

Net sales -160.1 Decrease in city gas unit price due to resource costs adjustment, decrease in city gas sales volume, etc.

Operating +136.4 The impact from the decline in crude oil prices, decrease in city gas sales volume, etc. expenses Decrease in gross margin from the change in the city gas unit price due to economic framework -23.8 Operating profit assumptions, decrease in city gas sales volume, decrease in fixed costs, etc.

FY2020 -¥4.3: (Extraordinary loss) Impairment loss: -¥10.2, loss on valuation of investment securities -¥4.4 (Extraordinary profit) Gain on sales of investment securities ¥5.2, gain on sale of non-current assets ¥3.1, Extraordinary +30.8 Gain on negative goodwill ¥2.0 profit/loss FY2019 -¥35.1: (Extraordinary loss) Impairment loss: -¥28.1, loss on valuation of investment securities -¥18.6 (Extraordinary profit) Gain on settlement of contract ¥11.6

(Unit: billion yen) Economic framework FY2020 FY2019 FY2020 FY2019 Change % 106.10 City gas sales volume (million m3, 45MJ) 12,990 13,855 -865 -6.2% Exchange rate (¥/$) 108.71 (-2.61) Electricity sales volume (million kWh) 24,761 20,604 4,157 20.2%

Retail (million kWh, receiving end) 10,482 8,522 1,960 23.0% 43.35 (Breakdown) Crude oil price ($/bbl) 67.76 Wholesale, etc. (million kWh) 14,279 12,082 2,197 18.2% (-24.41) Net sales 1,765.1 1,925.2 -160.1 -8.3% 16.5 Operating expenses 1,687.4 1,823.8 -136.4 -7.5% Avg. air temp (℃) 16.7 (-0.2) Operating profit 77.6 101.4 -23.8 -23.4% Segment profit (operating profit + equity income of subsidiaries) 79.1 106.6 -27.5 -25.8% Ordinary profit(1) FY2020 70.5 102.6 -32.1 -31.3% Pension assets (as of Mar. 31, 2021） Extraordinary profit/loss -4.3 -35.1 30.8 ― Profit attributable to owners of parent 49.5 43.2 6.3 14.3% Investment yield 4.94% Temperature effect(2) -6.0 -9.8 3.8 ― (costs deducted) Sliding time lag effect(3) -12.1 1.3 -13.4 (Adjustment ― items) (city gas + LNG sales) (-12.0＋-0.1) (0+1.3) (-12.0＋-1.4) Amortization of actuarial Year-end assets (billion yen) 263.0 differences(4) 0.8 -7.6 8.4 ― Adjusted ordinary profit (1)-((2)+(3)+(4)) 87.8 118.7 -30.9 -26.0% ＜Expected annual rate of return: 2%＞ * The provisional accounting treatment pertaining to business combinations was determined in the 2020 3Q consolidated accounting period, and all figures pertaining to FY 2019 have been retroactively adjusted to match the determined accounting treatment. Copyright© TOKYO GAS Co., Ltd. All Rights Reserved. FY2020 Consolidated Gas Sales Volume/ Number of Customers vs. FY2019 4

Number of customers(City Gas), LNG sales City Gas sales volume: volume,Average temperature

（ Unit： mil. ㎥） 13,855 FY2020 FY2019 Change 14,000 -865mil.㎥ (-6.2%) Number of customers for including temperature effect -26.6 12,990 city gas retail sales 886.3 912.9 +73mil.㎥, +0.5% (-2.9%) （10 thousands）*1 Residential Number of customers 3,124 +12.9 12,000 (meters) 1,208.3 1,195.4 ◼Residential +83mil.㎥(+2.7%) (+1.1%) 3,207 （10 thousands, meter）*2 Temperature effect +42 mil.㎥ LNG sales volume -80 1,103 1,183 Number of days -1 mil.㎥（thousands t）（-6.8%) 10,000 Number of -149 mil.㎥ Average temperature（℃） customers 2,497 16.5 16.7 -0.2 Others +191 mil.㎥ Commercial 2,261 *1. Number of billed customers for city gas retail sales *2. Including inactive meters and meters for gas supply from Commercial -236mil.㎥(-9.4%) ◼ 8,000 other retail companies Temperature +26 mil.㎥ effect Number of days -12 mil.㎥ Gas Sales Volume , Gas volume used in-house (Unit : million m3) Number of 6,000 6,397 -28 mil.㎥ 5,787 customers Industrial of which, Others -222 mil.㎥ of which, Industrial FY2020 FY2019 Change Industrial 2,919 3,000 City gas sales volume ◼Industrial -610mil.㎥(-9.5%) 4,000 Power Power （financial accounting -865 generation 12,990 13,855 generation (-6.2%) Industrial -81 mil.㎥ 2,868 basis） 3,397 Power Gas volume used in- -529 mil.㎥ +875 generation house under tolling 3,208 2,333 (+37.5%) 2,000 Wholesale arrangement ◼Wholesale -102mil.㎥(-5.6%) LNG sales volume -100 1,379 1,479 Temperature effect +5 mil.㎥ 1,735 1,837 （m3 basis） (-6.8%) -107 mil.㎥ -89 Others Decrease in wholesale 0 Total 17,577 17,666 demand, etc. FY2020 FY2019 (-0.5%)

*Each value is rounded.

Electricity sales volume： New electricity retail customers won by Tokyo Gas Cumulative (1,000s) （ Unit：mil. kWh ） Quarter (1,000s) 2,717 26,000 300 2,629 3,000 +4,157mil. kWh 24,761 2,522 2,457 (+20.2%) 24,000 250 2,350 2,500 2,225 2,052 1,924 22,000 200 1,742 2,000 20,604 1,593 +1,960 mil. kWh(+23.0%) ◼Retailing 1,388 20,000 150 1,500 10,482 1,244 ◼Wholesale etc. +2,197mil. kWh(+18.2%) 18,000 100 1,000 Retail 16,000 8,522 Sales 50 500

14,000 0 0

12,000

Quarter(number of customers) 10,000 Cumulative(number of customers) 8,000 14,279 “Sales Campaign” 6,000 12,082 FY2019 FY2020 Winter; Winter; Wholesale From Jan. 06 to Apr. 30, 2020 From Jan. 7 to Feb. 22, 2021 4,000 Autumn; Autumn; etc. From Oct. 15 to Dec. 23, 2019 From Oct. 30 to Dec. 25, 2020 Summer; Summer; 2,000 From Jun. 17 to Oct. 08, 2019 From Jul. 30 to Oct. 26, 2020 Spring; From Jun. 2 to Jul. 20, 2020 From May. 2 to May. 31, 2019 0 2020 2019

*Each value is rounded.

(unit : billion yen)

Segment Profit(Operating profit Net sales + Equity income/loss of subsidiary)

FY2020 FY2019 FY2020 FY2019 Results Results Change ％ Results Results Change ％

Gas 1,146.7 1,355.4 -208.7 -15.4 88.4 102.4 -14.0 -13.6 （City gas） 967.7 1,142.8 -175.1 -15.3 95.6 97.8 -2.2 -2.2 （LNG sales） 139.4 169.9 -30.5 -18.0 -7.4 3.9 -11.3 ―

Electric Power 395.9 358.6 37.3 10.4 8.6 10.0 -1.4 -13.5

Overseas business 45.9 43.9 2.0 4.4 3.8 13.2 -9.4 -70.6

（equity income of subsidiaries） ― ― ― ― 0.4 4.6 -4.2 -89.3

Energy-related 339.4 351.9 -12.5 -3.5 17.0 16.9 0.1 0.3

（Engineering Solutions） 139.7 139.4 0.3 0.2 6.6 5.8 0.8 13.6 Real estate 48.4 44.5 3.9 8.7 7.5 9.6 -2.1 -22.2 （including equity income of subsidiaries） Others （including equity income of subsidiaries） 110.4 123.2 -12.8 -10.4 3.8 5.7 -1.9 -34.0

Adjustment -321.8 -352.4 30.6 ― -50.2 -51.5 1.3 ―

Consolidated 1,765.1 1,925.2 -160.1 -8.3 79.1 106.6 -27.5 -25.8

（equity income of subsidiaries） ― ― ― ― 1.4 5.2 -3.8 -71.6 Notes ・Net sales by business segments include internal transactions. ・“Gas” includes businesses in city gas, liquefied petroleum gas, industrial gas, LNG sales , trading, etc.. “Energy-related” includes businesses in engineering solutions, gas appliances sales, gas pipe installation, construction and credit, etc. “Others” includes businesses in information processing service and shipping, etc. ・The “Adjustment” to operating profit is primarily companywide expenses not allocated to individual segments. * The provisional accounting treatment pertaining to business combinations was determined in the 2020 3Q consolidated accounting period, and all figures pertaining to FY 2019 have been retroactively adjusted to match the determined accounting treatment. Copyright© TOKYO GAS Co., Ltd. All Rights Reserved. FY2020 Results: Ordinary Profit Analysis vs. FY2019 7  City Gas -¥2.2bn ・Decrease in gross margin -¥9.9bn: Change in sales volume, etc. -17.5 (incl. change due to temp effect +3.8), sliding time lag effect -12.0, third-party access revenue +14.1, etc. Gas (Net sales) -¥175.1bn: Change in volume -52.2, sliding time lag effect -142.6, -¥14.0bn third-party access revenue +14.1, etc. (-13.6%) (Resource costs, etc.) +¥165.3bn: Change in volume , etc+34.7, sliding time lag effect +130.6 (incl. exchange rate +10.2, crude oil price +113.2) ・Decrease in fixed costs +¥7.7bn: Decrease in benefits and expenses +8.8(decrease in FY2020 Electric retirement benefits [actuarial differences, etc.] +6.3, decrease in marketing costs +2.9, Power decrease in taxes , etc. +2.2, increase in system data migration and maintenance expenses (results) -¥1.4bn -4.4, etc.), increase in depreciation -0.8 ¥70.5bn Segment  LNG Sales -¥11.3bn: Response to tight LNG supply-demand balance, profit (-13.5%) decrease in unit sales prices, sliding time lag effect -1.4, etc. -¥27.5bn [COVID-19 impact: approx. +¥1.8bn (included in the above factor analysis)] (-25.8%) Overseas  Increase in gross margin due to increase in retail sales volume, etc. (increase in -¥9.4bn number of customers, increase in time staying at home) (-70.6%)  Decrease in gross margin from the sharp rise in JEPX prices, etc.  Decrease in fixed costs (decreases in retail sales expenses and system-related costs, etc.) [COVID-19 impact: approx. -¥1.5bn (included in the above factor analysis)]

Energy-  Decrease in profit from upstream projects Change related  Increase in profit from new consolidated subsidiary(upstream business in North America) -¥32.1bn +¥0.1bn  Decrease in equity method profit -¥4.2 bn: Decrease in profit from mid/downstream (-31.3%) (+0.3%) projects [COVID-19 impact: approx. -¥2.4bn (included in the above factor analysis)]  Appliance and gas pipe installation, etc. -¥0.2bn: Decrease in profit ratio from Real estate decrease in large-scale projects, etc. -¥2.1bn  Engineering solutions +¥0.8bn: Increased sales of commercial air conditioning (-22.2%) equipment, etc. Non- [COVID-19 impact: approx.-¥0.9bn (included in the above factor analysis)] operating Decrease in profits due to decrease in real estate operations profit Others   Increase in taxes , etc. with the completion of the Tamachi project FY2019 -¥4.7bn -¥1.9bn  Increase in profits due to transfer of business, etc. (-34.0%) (results) *excluding [COVID-19 impact: approx.-¥2.4bn (included in the above factor analysis)] equity in income ¥102.6bn of subsidiaries  Information processing services: -¥1.2bn: Decrease in profit due to decrease in Consolidated systems development orders adjustment,  Shipping -¥0.5bn: Decrease in profit from decrease in freight revenue, etc. etc. [COVID-19 impact: approx. -¥0.5bn (included in the above factor analysis)] +¥1.3bn  Decrease in unallocated corporate expenses +¥2.5bn: retirement benefits (actuarial differences, etc.) +1.7, decrease in expenses +1.1, etc.  Consolidation adjustment -¥1.2bn *+/- indicate contributions to profit.  Decrease in dividend income -¥3.1bn * The provisional accounting treatment pertaining to business combinations was  Decrease in rental income due to transfer of business, etc. determined in the 2020 3Q consolidated accounting period, and all figures Copyright© TOKYO GAS Co., Ltd. All Rights Reserved. pertaining to FY 2019 have been retroactively adjusted to match the determined accounting treatment. Factors for Changes from FY2019 8

(+/- indicate impact on profit, billion yen)

Forecast as of Forecast as of Forecast as of Result as of Item Main contents 1Q Impact*1 2Q Impact*2 3Q Impact*3 FY2020 Impact

(-) Sliding time lag Sliding time (+) City gas temperature affect Approx. +22.0 Approx. +17.0 Approx. +15.0 Approx. -1.0 lag effect, etc. (+) Pension actuarial differences

Cost Structure (+) Rationalization of expenses, etc. Approx. +10.0 Approx. +10.0 Approx. +10.0 Approx. +12.0 reform

(-) Data migration expenses due to operation of core One-time system Approx. -11.0 Approx. -11.0 Approx. -11.0 Approx. -12.0 expenses (-) Superannuated assets retirement expenses, etc.

(+) Increase in electric power retail sales volume (-) Impact from the sharp rise in JEPX prices (-) Decrease in sales volume from decline in gas demand Other profit from customers switching to other providers increase and Approx. -22.0 Approx. -12.0 Approx. -36.0 Approx. –20.0 (-) Increase in depreciation decrease (-) Increase in new service area development expenses (DX-related expenses, etc.) (-) Decrease in profits on overseas projects, etc. (-) LNG supply and demand adjustment expenses (-) Decrease in profits from business segments other than gas (appliances, construction, hotels, etc.) (+) Increase in city gas gross margin(Sales volume: Impact of Residential up, Others down) Approx. -30.0 Approx. -22.0 Approx. -6.0 Approx. -6.0 COVID-19 (+) Postponement and restriction of expenses with the impact of COVID-19 (+) Increase in electric power retail sales volume from more time staying at home, etc.

*1. Economic framework from July: crude oil price $45/bbl; exchange rate ¥110/$. *2. Economic framework from October: crude oil price $45/bbl; exchange rate ¥110/$. *3. Economic framework from January: crude oil price $50/bbl; exchange rate ¥105/$.

Returns to Shareholders 9 ◼In the Tokyo Gas Group FY 2020 - 2022 Medium-term Management Plan, regarding shareholder returns, Tokyo Gas presented a target total payout ratio of approximately 60% in each fiscal year up through FY2022, but Management Reform Initiatives of the Tokyo Gas Group in View of the COVID-19 Pandemic published on November 30, 2020 states that “we will consider reviewing our shareholder return policy.”

◼Regarding the FY2020 settlement, because the review of our shareholder return policy is still ongoing, the shareholder returns will be as follows based on the “approximately 60% total payout ratio” in the FY 2020 – 2022 Medium-term Management Plan.

・Continuation of annual dividend of ¥60 per share (total dividends ¥26.4 billion) ・Treasury stock purchases presuming retirement of a maximum of ¥3.3 billion / 1.7 million shares (0.4%)

FY2020 FY2021 Dividend ＋ Stock repurchases ¥ 26.4 billion ¥ 3.3 billion Total payout ratio ＝ 60.1％ FY2020 Profit attributable to owners of parent ※Total number of shares outstanding： 442,436,059 ¥ 49.5 billion (as of March 31, 2021） Copyright© TOKYO GAS Co., Ltd. All Rights Reserved. 02

FY2021 Full Year Forecast

Highlights: Sales UP, Profit UP (+/- indicate impact on profit, billion yen)

vs. FY2020 Increase in sales from FY2020 consolidated subsidiary (upstream business in North America), Net sales +50.9 increase in rental income from real estate operations, etc. Operating Increase in expenses from FY2020 consolidated subsidiary (upstream business in North America), -41.6 expenses impact of crude oil price increase, etc. Increase in gross margin from easing of sharp rise in JEPX prices, increase in profits from increase in Operating profit +9.4 rental income from real estate operations and decrease in taxes, increase in profits from FY2020 consolidated subsidiary (upstream business in North America), etc. Forecast 0 Extraordinary FY2020 -¥4.3: (Extraordinary loss) Impairment loss: -¥10.2, Loss on valuation of investment securities -¥4.4 +4.3 profit/loss (Extraordinary profit) Gain on sales of investment securities ¥5.2,Gain on sale of non-current assets ¥3.1, Gain on negative goodwill ¥2.0 FY2020 (Unit: billion yen) Economic framework Forecast results FY2020 105.00 Forecast Change % Exchange rate (¥/$) 106.10 Result (-1.10)

City gas sales volume (million m3, 45MJ) 12,054 12,990 -936 -7.2% 55.00 Crude oil price ($/bbl) 43.35 (+11.65) Electricity sales volume (million kWh) 26,640 24,761 1,879 7.6% Net sales 1,816.0 1,765.1 2.9% 16.1 50.9 Avg. air temp (℃) 16.5 (-0.4) Operating expenses 1,729.0 1,687.4 41.6 2.5% Operating profit 87.0 77.6 9.4 12.0% Segment profit (operating profit + equity income of subsidiaries) 86.5 79.1 7.4 9.3% Ordinary profit(1) 72.0 70.5 1.5 2.1% Pension assets FY2020 FY2019 FY2018 Extraordinary profit/loss 0 -4.3 4.3 ― Investment yield Profit attributable to owners of parent 4.94% 0.33% 1.65% 52.0 49.5 2.5 5.0% (costs deducted) Temperature effect(2) 0 -5.4 5.4 ― Annuity 0.318% 0.264% 0.156% (Adjustment Sliding time lag effect(3) -18.5 -12.1 -6.4 portion ― Discount items) (city gas + LNG sales) (-16.9＋-1.6) (-12.0＋-0.1) (-4.9＋-1.5) rate Lump- sum 0.075% 0.012% 0.000% Amortization of actuarial differences(4) 11.1 0.8 10.3 ― portion Adjusted ordinary profit (1)-((2)+(3)+(4)) 79.4 87.2 -7.8 -8.9% Year-end assets 263.0 259.0 267.0 (billion yen) * The provisional accounting treatment pertaining to business combinations was determined in the 2020 3Q consolidated accounting period, and all figures pertaining to FY 2019 have been retroactively adjusted to match the determined accounting treatment. ＜Expected annual rate of return: 2%＞ Copyright© TOKYO GAS Co., Ltd. All Rights Reserved. FY2021 Full Year Forecast Consolidated Gas Sales Volume/ Number of Customers vs. FY2020 12

Number of customers(City Gas), LNG sales City Gas sales volume: volume,Average temperature

（ Unit： mil. ㎥） VS. FY2020 Results FY2020 15,000 Forecast Change -936mil.㎥ (-7.2%) Results including temperature effect +108mil.㎥, +0.8% Number of customers (meters) +13.0 12,990 1,221.3 1,208.3 （10 thousands, meter）*1 (+1.1%)

12,054 Residential LNG sales volume 3 +18 Residential -78mil.m (-2.4%) 1,121 1,103 ◼ （thousands t）（+1.6%) ◼Residential ◼Others -858mil.m3(-8.7%) 3,207 Average temperature（℃） 16.1 16.5 -0.4 3,129 10,000 *1. Including inactive meters and meters for gas supply from other retail companies 2,261 Commercial

Gas Sales Volume , Gas volume used in-house (Unit : million m3)

◼Others FY2020 5,787 Forecast Change Results 5,000 Industrial of which, City gas sales volume -936 Industrial 12,054 12,990 8,925 （financial accounting basis) 2,919 (-7.2%) Power generation Gas volume used in-house -233 2,868 2,975 3,208 under tolling arrangement (-7.3%) 9,783 LNG sales volume +22 1,401 1,379 （m3 basis） (+1.6%)

Wolesale -1,147 1,735 Total 16,430 17,577 (-6.5%) 0 FY2021 forecast FY2020 results

Electricity sales volume： New electricity retail customers won by Tokyo Gas

（ Unit：mil. kWh ） Cumulative (1,000s) VS. FY2020 Results 26,640 3,800 （As of Mar.2023 ） 4,000 +1,879mil. kWh 25,000 (+7.6%) 3,500 2,715 24,761 20,000 3,000 2,630 2,523 Retail 2,462 Sales 2,500 2,363 10,482 2,238 2,081 15,000 1,951 2,000 1,774 26,640 1,627 1,444 1,500 10,000 1,273

1,000 Wholesale etc. 14,279 500 5,000

0 FY2021 forecast FY2020 results

*Each value is rounded.

(unit : billion yen)

Segment Profit(Operating profit Net sales + Equity income/loss of subsidiary)

FY2021 FY2020 FY2021 FY2020 Forecast Results Change ％ Forecast Results Change ％

Gas 1,144.0 1,146.7 -2.7 -0.2 79.4 88.4 -9.0 -10.2 （City gas） 946.9 967.7 -20.8 -2.2 74.9 95.6 -20.7 -21.7 （LNG sales） 154.3 139.4 14.9 10.7 3.8 -7.4 11.2 ―

Electric Power 388.9 395.9 -7.0 -1.8 13.9 8.6 5.3 59.8

Overseas business 72.8 45.9 26.9 58.5 7.6 3.8 3.8 95.1

（equity income of subsidiaries） ― ― ― ― -1.1 0.4 -1.5 ―

Energy-related 329.7 339.4 -9.7 -2.9 16.5 17.0 -0.5 -3.2

（Engineering Solutions） 127.7 139.7 -12.0 -8.6 4.1 6.6 -2.5 -37.9 Real estate 59.6 48.4 11.2 23.1 12.6 7.5 5.1 67.0 （including equity income of subsidiaries） Others （including equity income of subsidiaries） 98.1 110.4 -12.3 -11.2 1.2 3.8 -2.6 -68.5

Adjustment -277.1 -321.8 44.7 ― -44.7 -50.2 5.5 ―

Consolidated 1,816.0 1,765.1 50.9 2.9 86.5 79.1 7.4 9.3

（equity income of subsidiaries） ― ― ― ― -0.5 1.4 -1.9 ―

Notes ・Net sales by business segments include internal transactions. ・“Gas” includes businesses in city gas, liquefied petroleum gas, industrial gas, LNG sales , trading, etc.. “Energy-related” includes businesses in engineering solutions, gas appliances sales, gas pipe installation, construction and credit, etc. “Others” includes businesses in information processing service and shipping, etc. ・The “Adjustment” to operating profit is primarily companywide expenses not allocated to individual segments.

 City Gas -¥20.7bn ・Decrease in gross margin -¥16.2bn: Change in sales volume, etc.-11.3 (incl. change Gas due to temp effect +5.4), sliding time lag effect -4.9 (Net sales) -¥20.8bn: Change in volume, etc. -54.6, sliding time lag effect +33.9 -¥9.0bn (Resource costs, etc.) +¥4.5bn: Change in volume, etc. +43.3, sliding time lag (-10.2%) effect -38.8 (incl. exchange rate +3.4, crude oil price -45.9) ・Increase in fixed costs -¥4.5bn: decrease in actuarial differences +8.2, Electric increase in expenses -7.1, increase in depreciation -7.0, etc. FY2021 LNG Sales +¥11.2bn: Easing of the response to the tight LNG supply-demand balance, Power  (Forecast) sliding time lag effect -1.5, etc. ¥72.0bn Segment +¥5.3bn profit (+59.8%)  Increase in gross margin due to the easing of the impact of the sharp rise in JPEX prices +¥7.4bn Overseas  Increase in gross margin due to increase in retail sales volume, etc. (increase (+9.3%) in number of customers) +¥3.8bn  Decrease in gross margin due to the impact from economic framework (+95.1%) assumptions, etc.  Increase in fixed costs (Increases in retail sales expenses, increase in renewable energy costs, etc.) Energy- Change related  Increase in profit from FY2020 consolidated subsidiary (upstream business in +¥1.5bn -¥0.5bn North America)  Increase in profit from upstream projects (-3.2%) (+2.1%)  Decrease in equity method profit -¥1.5bn: Decrease in profit from mid/downstream projects Real estate +¥5.1bn  Engineering solutions -¥2.7bn: Decrease in profit ratio from decrease in large- scale projects, etc. (+67.0%) Non-  Appliance and gas pipe installation, etc. +¥0.9bn: Increase in number of operating installations, etc. profit Others -¥2.6bn  Increase in rental income and decrease in taxes at the Tamachi project FY2020 -¥6.0bn Increase in profits due to increase in real estate operations (-68.5%)  (Results) *excluding Increase in profits due to transfer of business, etc. equity in income  ¥70.5bn of subsidiaries Consolidated adjustment,  Shipping -¥3.0bn: Decrease in profit from decrease in operations, etc. etc. +¥5.5bn  Actuarial difference +¥2.0bn  Consolidation adjustment +0.3bn, etc.

*+/- indicate contributions to profit.  Increase in interest paid, loss on commissioned construction, etc.

Factors for Changes from FY2020 Ordinary profit

(+/- indicate impact on profit, billion yen)

Approx. 20.0

Sliding time lag effect

Easing of the increase in impact of the depreciation sharp rise in Cost structure JPEX prices Approx. -14.0 Approx. 6.0 reforms (*FY2020: ¥12.0bn) Temporary Improvement of decreases in actuarial profit Approx. -11.0 Reduction in differences impact of COVID-19 Other profit increase and decrease

FY2020 FY2021 Results Forecast

FY2020 Forecast Main Items Change ％ Results Capital Expenditure

Production facilities : 10.4 (-0.7）Other Production facilities, etc. Gas 134.0 Distribution facilities : 87.2 (-13.5) New demand development, etc. 149.0 -15.0 -10.1 Service and maintenance facilities : 36.3 (-0.8) System related, etc.

Electric Power 13.5 Domestic renewable power etc. 14.5 -1.0 -6.6

Overseas 58.7 Upstream(Australia, North America), Global renewable power etc. 48.8 9.9 20.2

Energy-related 23.7 Energy Service(TGES) etc. 15.5 8.2 52.9

Real Estate 18.4 Real estate leasing business, building renovations, etc. 17.3 1.1 6.3

Others 2.2 4.3 -2.1 -48.7

Adjustment -4.8 -3.3 -1.5 ―

Sub Total 246.0 246.4 -0.4 -0.2

Investment and Fainacing(before offset)

Gas 0 0 0 ―

Electric Power 6.9 Domestic renewable power, investment in overseas electricity retail company etc. 60.1 -53.2 -88.5

Overseas 29.2 Upstream(Australia), Mid/Downstream(Asia),Global renewable power etc. 14.2 15.0 105.6

Energy-related 8.7 Engineering business (TGES) etc. 10.2 -1.5 -14.7

Real Estate 1.2 0.3 0.9 300

Others *1 72.4 0.5 71.9 ―

Sub Total 118.4 85.3 33.1 38.8

Capital Expenditure +Investments and Financing（before offset) 364.4 331.7 32.7 9.8

Collections Total 3.0 3.2 -0.2 -7.4

Capital Expenditure +Investments 361.4 328.5 32.9 10.0 and Financing（after offset）

*1 Including a budget with an undetermined investment target Copyright© TOKYO GAS Co., Ltd. All Rights Reserved. Key Indicators (Consolidated) 18 (Unit: billion yen) FY2021 FY2020 FY2019 Forecast Results Results Total assets (a) 2,865.0 2,738.3 2,539.9

Shareholders’ equity (b) 1,176.0 1,153.8 1,147.7

Shareholders’ equity ratio (b)/(a) 41.0% 42.1％ 45.2％

Interest-bearing debt (c) 1,242.0 1,065.9 905.0

D/E ratio (c)/(b) 1.06 0.92 0.79

Profit attributable to owners of parents (d) 52.0 49.5 43.2

Profit per share (EPS, yen per share) 117.91 112.26 97.86

Depreciation (e) 192.0 179.8 169.8

Operating cash flow (d) + (e) 244.0 229.3 213.1

Capital Expenditure 246.0 246.4 227.0

Investment and Fainacing（before offset) 118.4 85.3 59.8

Total 364.4 331.7 286.8

ROA (d)/(a) 1.9% 1.9％ 1.7％

ROE (d)/(b) 4.5% 4.3％ 3.8％

WACC 2.4% 2.6％ 2.7％

Total payout ratio ー 60.1％ 61.0％

Note: Shareholders’ equity = Net assets – minority interests ■Items for WACC calculation (FY2021 forecast) ROA = Net profit / Total assets （average of the amounts as of the end of the ・Cost of interest-beating debt : forecast interest previous period and end of the current period） rate (0.98％, after tax) ROE = Net profit / Shareholders’ equity （average of the amounts as of the end of the ・Cost rate for shareholders’ equity previous period and end of the current period）・Risk free rate : 10-year JGB yield 0.02% Balance sheet figures are as of the corresponding term-end Operating cash flow = Net profit + Depreciation （including depreciation of long-term ・Market Risk premium : 5.5% β: 0.75 prepaid expenses） Total payout ration= [FY-N dividends + FY-(N+1) treasury stock purchased] / FY-N consolidated net profit * The provisional accounting treatment pertaining to business combinations was determined in the 2020 3Q consolidated accounting period, and all figures pertaining to FY 2019 have been retroactively adjusted to match the determined accounting treatment. Copyright© TOKYO GAS Co., Ltd. All Rights Reserved. Medium-term Management Plan（ Announced: March 25, 2020）Key figures 19

(unit : billion yen) FY2020 Results FY2022 Target Operating profits +equity method income KGI 79.1 140.0 (¥ billion) ROE (％) 4.3％ Approx. 8.0％ Financial ROA (％) 1.9％ Approx. 4.0％ indicators D/E Ratio(times) 0.92 Approx. 0.9 No. of customer accounts(million) *1 12.31 14.80 Natural gas transaction volume(million tons) *2 18.20 17.00 Segment profit from Overseas Business (¥ billion) 3.8 16.0 KPI Contribution to CO2emission reductions 6.68 6.5 (million tons) *3 Renewable energy transaction volume 1.383 2.00 （million kW） *4 Cost structure reform (¥ billion) *5 -12.0 -30.0

FY2020 Results FY2022 Target Overseas business 63.0 200.0

Breakdown) renewable energy 20.2 110.0 Capital Expenditure ・ Solutions, etc. 43.0 200.0 Investments Energy 167.0 380.0 and Financing Breakdown) renewable energy 50.9 30.0 Common 58.3 220.0 Total 331.7 1,000.0 *1 as of the end of FY *4 as of the end of FY *2 LNG equivalent (including overseas business) *5 compared to FY2019 Copyright© TOKYO GAS Co., Ltd. All Rights Reserved. *3 as compared to FY 2013 levels 03

Reference Materials

Impact on earnings (Unit: billion yen)

1Q 2Q 3Q 4Q Full year

1Q -0.1 -0.5 +0.4 +0.3 +0.1

2Q ― -0.2 -0.7 +0.6 -0.3 ― ― -0.1 -0.9 -1.0 Period 3Q 4Q ― ― ― -0.2 -0.2

Full year -0.1 -0.7 -0.4 -0.2 -1.4 Impact of depreciation by ¥1/$

Impact on earnings (Unit: billion yen)

1Q 2Q 3Q 4Q Full year

1Q -0.4 +0.3 +0.1 +0.1 +0.1

2Q ― -0.4 +0.3 +0.1 0 ― ― -0.5 +0.5 0 Period 3Q 4Q ― ― ― -0.6 -0.6

Full year -0.4 -0.1 -0.1 +0.1 -0.5

Crude oil price（Japan Crude Cocktail Prices）

($/bbl) 80.00

70.00

60.00

50.00

40.00

30.00

20.00

FY2020 FY2019 Exchange rate

(¥/$) 115.0

110.0

105.0

100.0

・Management Reform Initiatives of the Tokyo Gas Group in View of the COVID-19 Pandemic (Nov.30) Management ・Notice of Transition to a Company with a Nominating Committee, etc. (Nov.30) Strategy ・Notice regarding Company Form after Split of Gas Pipeline Business and Company Split Method (Nov.30) (Including ・Notice regarding Establishment of Spin-off Preparatory Company for Separation of Pipeline Division (Mar.24) ESG) ・Notice regarding Partial Changes to Articles of Incorporation (Apr.28) ・Notice regarding Spin-off (Absorption-type Company Split) (Apr.28)

・Launched free solar power system provision service “Zuttomo Solar × Toyota Home” (Apr.20) ・Tokyo Gas Invests In Principle Power, A Leading Floating Wind Power Technology Company (May.27) ・Tokyo Gas began handling the first effective renewable energy electricity using Feed-in Tariff Scheme for Renewable Energy (FIT) non- fossil fuel energy certificates (Jul.2) ・Tokyo Gas acquisition of wood pellet biomass power generation facilities in Toyama and Chiba Prefecture (Aug.26) ・Establishment of the ‘‘TG Global Trading’’ (Sep.1) ・Progress Report about Electricity Sales for Retail Market(Sep.3) ・Launched “HUS ECO ZERO × Zuttomo Solar” – providing two solar power generation service plans including one with Ene-Farm home fuel cells (Sept.8) ・Began carbon neutral city gas supply service first in the hotel industry (Oct.8) ・Launched the “Hinatao Solar” solar energy service for condominiums and buildings (Oct.14) *1 ・Commencing Acceptance of Applications for New Electricity Rate Plan, “Moraeru Denki,” for Which Subscribers Will Receive an AmazonGift Gas Card Every Month—Tokyo Gas’ First Sales of Low-pressure Electric Power Outside the Kanto (Oct.15) Electric ・Expansion of surplus solar power buyback service – commencing storage battery purchase support plan and Amazon gift card payment plan Power (Oct.16) (Including ・Tokyo Gas to Join Joint Venture for Offshore Wind Projects in Japan (Nov.25) ・Joint development of smart meter systems (Dec.2) ESG) ・Establishment of a Subsidiary in the United Kingdom and Formation of Strategic Alliance with UK-based Octopus Energy (Dec.23) ・Began first carbon neutral city gas supply to a school educational facility (Feb. 2) ・Concluded power purchase agreement for not-FIT solar power plants with Renewable Japan Co., Ltd. (Feb. 4) ・Began first carbon neutral city gas supply to the food and beverage industry (Feb. 8) ・Launched sales of “suidel” small hydrogen generator (Feb. 9) ・Began first carbon neutral city gas supply to the shopping center industry at LUMINE Omiya (Mar. 9) ・Establishment of a Carbon Neutral LNG Buyers Alliance(Mar.9) ・Acceleration of the Development of Kashima Port Offshore Wind Project(Apr.5) ・Tokyo Gas to participate in joint industry-academia research with Kyushu University toward the early implementation of Japanese offshore wind power generation (Apr. 19) ・Tokyo Gas and Nippon Telegraph And Telephone East Corporation (NTT EAST) begin joint acceptance of applications for on-site examinations for objects buried under roads and road construction observation (Apr. 26)

◆ Engineering Solutions ・Establishment of Ekimachi Energy Create (Apr.7) ・Establishment of Ryukyu Energy Service LLC. (May 11)*2 ・Began verification of virtual power plants using Ene-Farm home fuel cells (Jun.1) ・Initiation of energy service to the “Kirameki Terrace” redevelopment project at the site of the former Kagoshima City Transportation Bureau using a smart energy network – Providing area energy that is environmentally friendly and disaster resistant (Jul.1)*2 ・Initiation of energy service to the Miyazaki Medical Association Hospital (Jul.1)*2 ・Tokyo Gas Invests in Heila Technologies (Nov.20)

・Achieved CO2 emissions reductions and improved resilience from local production/consumption of energy using gas co-generation systems: advancing environmentally friendly manufacturing at the Panasonic Oizumi Base (Dec.11)*2 ・Implemented environmental initiative using renewable energy at Tokyo Tatemono’s “T-LOGI” logistics facility – Tokyo Gas and Tokyo Tatemono sign basic agreement (Jan.13) ・Basic agreement concluded on special high-voltage joint power receipt business at Mizunosato Industrial Park, Uonuma City, Niigata Prefecture - initiative to upgrade energy supply infrastructure through public-private collaboration (Jan.14)*2 ・Receipt of second order for services to develop LNG terminal in Bangladesh (Jan. 29)*2 ・Tokyo Gas selected to introduce renewable energy to 65 municipal primary and junior high schools in Yokohama City (Mar. 17) ・Establishment of Tokyo Gas Nomura Real Estate Energy Co., Ltd. (Apr. 5) ・Tokyo Gas receives consignment contract for owner-support and operations management works at biomass single-fuel combustion thermal Services power plant in Sendai City, Miyagi Prefecture (Apr. 7) ・Implementation of verification project for upgrading solar power generation asset management operations (Apr. 26)*2 (Including ESG) ◆ Others ・Integration of Tokyo Gas Living Engineering Co., Ltd. and Tokyo Gas Remodeling Co., Ltd. (Apr.6)*3 ・Tokyo Gas venture Sumilena Co., Ltd. initiates “fixed monthly fees appliances rental services” and implements “Rest HOME” campaign in collaboration with 4 companies, mostly startups (Jun. 17)*4 ・Completion of Station Tower N of the “msb Tamachi” large-scale joint development project directly connected to the east exit of JR Tamachi Station (Jul.15)*5 ・LINE Pay and Tokyo Gas sign basic agreement to make payment forms paperless – industry first from gas & electricity charges through to customer payments complete on LINE (Sept.10) ・Expanded “Gas Appliance Special Support” menu – peace of mind with fixed-fee system! Launched plumbing and electric equipment repair service (Oct.1) ・Began large-scale office project at the international business hub for the new era “Toranomon 2 Chome Redevelopment Project Office Building” (Oct.19) *5 ・Tokyo Gas invests in SIRC Co., Ltd. (Jan.15) ・Cumulative sales of ENE-FARM residential fuel cell systems surpass 140,000 units (Jan.19) ・Tokyo Gas launches “Life Rhythm Navi + HOME” senior care support service (Feb. 3) ・Tokyo Gas launches sales of new ENE-Farm home fuel cell for detached houses (Feb. 17) ・Tokyo Gas launches rental management support service “Mamo ROOM” (Apr. 8)

*2 Press releases issued by Tokyo Gas Engineering Solutions. *3 Press releases issued by Tokyo Gas Living Engineering and Tokyo Gas Remodeling. *4 Press releases issued by Sumilena. *5 Press releases issued by Tokyo Gas Real Estate. Copyright© TOKYO GAS Co., Ltd. All Rights Reserved. Key Topics in FY2020-21(Excerpted from Press Releases up to 28th Apr.) 25

・Establishment of a Subsidiary in the United States and the Acquisition of a 500MW Solar Power Project(Jul.29) ・Tokyo Gas Acquires Oil and Gas Assets in Louisiana Through Castleton Resources and Takes Majority Interest in Castleton Overseas Resources(Jul.29) (Including ESG) ・Signing of a Joint Cooperation Agreement with First Gen to Pursue Construction and Operation of Interim Offshore LNG Terminal in the Philippines(Oct.7) ・Investment in gas distribution company in Indonesia (Nov. 26)

・Tokyo Gas Group's Interim Initiatives Based on the Emergency Declaration(Apr.7) ・Additional special measures pertaining to gas and electricity bill payments in relation to the 2020 COVID-19 outbreak(Apr.24) ・Additional special measures pertaining to gas and electricity bill payments in relation to the 2020 COVID-19 outbreak(May.13) ・Additional special measures pertaining to gas and electricity bill payments in relation to the 2020 COVID-19 outbreak(Jun.24) ・Conclusion of the “Basic Agreement on Mutual Assistance During Disasters” with Tochigi Prefecture (Jul.3) ・Additional special measures pertaining to gas and electricity bill payments in relation to the 2020 COVID-19 outbreak(Jul.20) ・President’s Message to Our Stakeholders duringtheCOVID-19Pandemic (Jul.29) ・Additional special measures pertaining to gas and electricity bill payments in relation to the 2020 COVID-19 outbreak (Aug.6) ・Tokyo Gas selected in “Digital Transformation Stock Selection 2020” (Aug.25) ・Publication of Tokyo Gas Group Sustainability Report 2020 (Aug.31) ESG ・Additional special measures pertaining to gas and electricity bill payments in relation to the 2020 COVID-19 outbreak (Sep.2) ・Additional special measures pertaining to gas and electricity bill payments in relation to the 2020 COVID-19 outbreak (Oct.14) ・Five companies agree to joint examinations of “FOURE Concept” for reciprocal and regional revitalization with renewable energy (Oct.19) ・Additional special measures pertaining to gas and electricity bill payments in relation to the 2020 COVID-19 outbreak (Nov.18) ・Additional special measures pertaining to gas and electricity bill payments in relation to the 2020 COVID-19 outbreak (Dec.21) ・Additional special measures pertaining to gas and electricity bill payments in relation to the 2021 COVID-19 outbreak (Jan.22) ・Additional special measures pertaining to gas and electricity bill payments in relation to the 2021 COVID-19 outbreak (Feb.24) ・Additional special measures pertaining to gas and electricity bill payments in relation to the 2021 COVID-19 outbreak (Mar.15) ・Tokyo Gas selected as a “Nadeshiko Brand” for the fifth consecutive year (Mar. 22) ・Additional special measures pertaining to gas and electricity bill payments in relation to the 2021 COVID-19 outbreak (Apr.23)

・Notice of Posting Extraordinary Loss and Revision to Results Forecast(Apr.23) Finance and ・Announcement of issue of the 58th, the 59th, the 60th and the 61th Domestic unsecured notes (May.22) ・Announcement of issue of the 62th, the63th, the 64thand the 65th Domestic unsecured notes (Sep.4) shareholder ・First Issuance of Green Bonds by Tokyo Gas (Oct.29) returns ・Green Bond Issuance (66th Unsecured Bonds) (Dec.4) ・Notification of Resolution to Acquire of Treasury Shares(Apr.28)

2 4 5 7 3 6 8 Area No Country Subject Main Business Participation year Barnett Upstream Shale gas 2013 Eagle Ford Upstream Shale gas 2016 East Texas Upstream Shale gas 2017 1 U.S.A TGES America Downstream Energy Service 2015 Birdsboro Power Plant Downstream Natural gas power 2017 North America Aktina Downstream Solar power 2020 Acario Ventures Other Open Innovation 2017 Bajio Downstream Natural gas power 2004 2 Mexico MT Falcon Downstream Natural gas power 2010 Heolios EnTG Downstream Renewable venture(Solar・wind power generation) 2019 GAS MALASIA Bhd. Downstream City gas 1992 Malaysia 3 GAS MALASIA ENERGY ADVANCE Sdn.Bhd. Downstream Energy Service 2014 Bang bo Downstream Natural gas power 2016 4 Thailand GWHAMT Downstream Gas Supply 2018 One Bangkog Southeast Asia Downstream District Cooling Solutions and power distribution 2020 5 Vietnam PVGD Downstream CNG Supply 2017 PRA Downstream Gas Supply, Transfer 2017 Indonesia 6 Super Energy Downstream Gas Supply, Transfer 2020 Construction, operation and maintenance of the LNG Philippines FGEN LNG Downstream 2020 7 terminal Darwin Upstream Production, liquefaction and sales of LNG 2003 Pluto Upstream Production, liquefaction and sales of LNG 2008 Oceania 8 Australia Gorgon Upstream Production, liquefaction and sales of LNG 2009 Queensland Curtis Upstream Production, liquefaction and sales of LNG 2011 Ichthys Upstream Production, liquefaction and sales of LNG 2012 Copyright© TOKYO GAS Co., Ltd. All Rights Reserved. Trends in city gas/electricity switching(published data), Number of customers for city gas retail sales(Tokyo gas consolidated) 27

Electricity switchers (based on applications) City gas switchers (based on applications)

Monthly(1,000s) Cumulative(1,000s) Monthly(1,000s) Cumulative(1,000s) 500 25,000 200 5,000

400 20,000 4,000 150

300 15,000 3,000 100 200 10,000 2,000

50 100 5,000 1,000

0 0 0 0

TEPCO(monthly) KEPCO(monthly) Kanto(monthly) Kinki(monthly) Other region(monthly) Kanto(cumulative) Others(monthly) TEPCO(cumulative) Kinki(cumulative) Nationwide(cumulative) KEPCO(cumulative) Nationwide(cumulative)

＊Based on data published by the Organization for Cross-regional ＊Based on data published by the Agency for Natural Resources and Energy. Coordination of Transmission Operators.

Number of customers for city gas retail sales (Tokyo gas consolidated, 10thousands)

Full deregulation of the retail market (2017.04)

2017.3 2017.6 2017.9 2017.12 2018.3 2018.6 2018.9 2018.12 2019.3 2019.6 2019.9 2019.12 2020.03 2020.06 2020.09 2020.12 2021.03

Number 1,026.9 1,031.4 1,028.9 1,029.6 1,020.9 1,018.9 1,008.9 998.2 982.1 960.7 940.5 925.9 912.9 904.4 897.5 893.5 886.3 (Change) (―) (+4.5) (-2.5) (+0.7) (-8.7) (-2.0) (-10.0) (-10.7) (-16.1) (-21.4) (-20.2) (-14.6) (-13.0) (-8.5) (-6.9) (-4.0) (-7.2)

Statements made in this presentation with respect to Tokyo Gas’s present plans, forecasts, strategies and beliefs, and other statements herein that are not expressions of historical fact are forward‐looking statements about the future performance of the Company. As such, they are based on management‘s assumptions and opinions stemming from currently available information and therefore involve risks and uncertainties. The Company’s actual performance may greatly differ from these projections, due to these risks and uncertainties which include without limitation general economic conditions in Japan, crude oil prices, the weather, changes in the foreign exchange rate of the yen, rapid technological innovations and the Company’s responses to the progress of deregulation.